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Title: Private equity buyouts and firm efficiency : evidence from UK public to private transactions
Author: Miller, Lloyd
ISNI:       0000 0004 5366 9824
Awarding Body: University of Greenwich
Current Institution: University of Greenwich
Date of Award: 2014
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This study investigates the impact of 293 public to private buyouts in the UK manufacturing industry during the period 1997-2007 on firms’ technical efficiency using a probabilistically matched buyout dataset. I use data envelopment and stochastic frontier analysis techniques to empirically measure production efficiency, which differs from most previous studies where the impact of financial performance or the movement in a company’s share price is tested. For the sample used and period investigated, no evidence is found that companies involved in public to private buyout ownership changes operate more efficiently than a control sample of PLCs not involved in buyouts. This finding is consistent with the hypothesis that managers of PLCs have learned how to operate their companies in a similar way to those owned by private equity.
Supervisor: Mateus, Cesario ; Stojanovic, Aleksandar ; Hall, David Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available
Keywords: HD Industries. Land use. Labor